Klarna, the AI-powered payments network and shopping assistant, is reintroducing ‘Money Story’ into its app; an additional tool hoping to help customers better understand and manage their spending.
Within the Klarna app, Money Story reveals consumers’ personal spending summaries for 2023 – revealing how they spent their money, and what they can learn from their previous habits going into 2024. Using the tool, consumers can unlock their spending insights by discovering their peak spending months, top purchases of 2023, and categories they purchased the most in.
Money Story includes data from all spending with Klarna, such as purchases made with the Klarna App, the Klarna Card and at partnered retailers’ checkouts, and purchases not made with Klarna where a consumer has chosen to connect their bank account to the Klarna app.
Raji Behal, head of Western and Southern Europe, UK and Ireland at Klarna, explained: “With Money Story, we aim to make financial wellness more approachable for millions of consumers worldwide. By gamifying a typically tedious and daunting task of managing finances, we hope to inspire users to take control of their finances and optimise their spending in 2024 and beyond.”
In 2023, one of the top categories on consumers’ global shopping lists was ‘clothing and shoes’ followed by ‘home and garden’. The month consumers spent the most shopping across markets was November, in line with the peak holiday season.
Nudging consumers in the right direction
To help consumers translate the insights from their Money Story into smart spending habits, each user’s insights include prompts to discover and use Klarna’s money management tools, such as setting and tracking a monthly budget, and seeing how much money was spent each month and on which categories.
The number of people who have set a budget or updated their budget globally in the Klarna App has increased by 68 per cent YOY, suggesting the importance of this feature for consumers looking to shop smarter.
By offering money management tools alongside Klarna’s shopping features, including price comparison, exclusive deals, delivery tracking and more, consumers can feel empowered to make more informed decisions across the entire shopping journey.
Catering to over 18 million consumers in the UK, Money Story supports Klarna’s mission to help consumers save time, money, and worry less about their finances by better understanding their spending and creating smart budgeting goals for the new year.